COSCO
SITC
PACIFIC LINES
Monday, 28/11/2022, 09:26 (GMT +7)
843
Wan Hai chairman optimistic that the freight market will recover
Wan Hai Lines Chairman Chen Po-ting forecasts the market will remain bleak in the fourth quarter but optimistic next year, as the global economy may recover in the second quarter of 2023.
Wan Hai Lines Chairman Chen Po-ting said at an event in Taipei on November 16, 2022 (Photo: Wang Yi-hung, Taipei Times)
Wan Hai Lines Chairman Chen Po-ting said at an event in Taipei last week that Wan Hai Lines will remain in the doldrums this quarter and upbeat next year, given the global economy. Demand may recover in the second quarter.
Chen's comments came as the transportation company reported a 25.8 percent drop in net profit in the third quarter and a 37 percent decline year-on-year to NT$22.35 billion (718.3 million dollars). The company's figures show revenue falling at a double-digit annual rate.
The president of the shipping line Wan Hai believes the freight market will kick in by mid-2023, when worries about Russia's invasion of Ukraine and Covid-19 will ease by then.
Since mid-year, payload rates have dropped from historically high levels and are expected to drop to their lowest levels seen before Covid-19 hit in 2020.
When asked about the company's year-end bonus policy, Chen said it's too early to say but the company will do its best to distribute bonuses accordingly.
“Overall, things aren’t as bad as what many people imagine. Today’s situation isn’t as bad as the 2008 global financial crisis. Now that it’s year-end, employees are wondering about their bonuses but we will do our best.”
Speaking at the event, Mr. Chen pointed out that the global economy is affected by three factors.
The first is the significant cost of substance use, because this is holding back consumption growth, leading to a reduction in container volumes. The second factor is the pessimistic psychology, and the third is the issues of geopolitics and epidemic prevention policies.
Mr. Chen said that the current overcapacity situation can be adjusted within the next 6 to 12 months.
Tran believes that worries about the Russia-Ukraine conflict and pandemic prevention measures will ease by 2023, when many economies are reopening and people are used to the impact of the conflict.
Speaking at the same event, Wan Hai general manager Tommy Hsieh said the company will remain profitable this quarter despite a 38% drop in annual revenue last month as prices fell and demand fell.
Hsieh said the company expects steady revenue growth because half of the contracts with customers in the US market are signed on infrastructure and are protected by fixed shipping rates.
He said Wan Hai Lines' year-end profit would be error-free, but did not give an exact estimate.
Wan Hai Lines posted a net profit of NT$93.11 for the first three quarters of the year, up 34% year-on-year, with a profit per share of NT$33.18.
The company said next year it will scrap two to four old ships, while it plans to receive 24 new ships with a total tonnage of 173,558 TEUs.
Source: Phaata.com (According to TaipeiTimes | ContainerNews)
Phaata - Vietnam's First Global Logistics Marketplace
► Find Better Freight Rates & Logistics Services
Featured News
- Hapag-Lloyd applies Peak Season Surcharge from East Asia to USA and Canada
- The world\'s largest container ships MSC Irina and MSC Loreto floated
- MSC (Mediterranean Shipping Company) - The world\'s leading container shipping lines
- Information you need to know about Maersk Line
- Top 10 export and import goods between Vietnam - Philippines in the first 5 months of 2020
Market News
See more
.webp)
HOT PROMO
See more
72
FCL
6 Days
Freight cost
Expiry date
ASIAN EXPRESS LINE VIETNAM ( AEL VIET NAM )
3.5
60
FCL
6 Days
Freight cost
Expiry date
ASIAN EXPRESS LINE VIETNAM ( AEL VIET NAM )
3.5
127
FCL
24 Days
Freight cost
Expiry date
Hazel Wright Viet Nam
1.8
157
LCL
29 Days
Freight cost
Expiry date
AT ASIA CO., LTD
1.8
328
FCL
10 Days
Freight cost
Expiry date
Amber Logistics & Trading Co., Ltd, Vietnam
1.8
WHY PHAATA.COM?
USERS/MONTH
LOGISTICS COMPANIES
REQUEST FOR QUOTEŚ
QUOTATIONS
VIETNAM LOGISTICS COMMUNITY
5 Steps to Get the Best Quote
Find price quickly
and
Send quote request
Compare Quotes
and
Selection
Contact for Further Consultation
and
Send request booking
Get feedback
and
Direct Negotiation
Management
and
Evaluate
Freight rates
Sea freight
7
Days Transit
- $300 / 20'GP
Valid till: 2026-01-31
CÔNG TY TNHH SHIP LINK VIỆT NAM
0.4
20
Days Transit
- $815 / 20'GP
- $1,010 / 40'GP
Valid till: 2026-02-27
Chi nhánh tại Khu vực Bắc Bộ - Công ty TNHH Giao nhận vận chuyển Quốc tế Trường Hải
3
25
Days Direct
- $1,390 / 20'GP
- $1,760 / 40'GP
- $1,760 / 40'HQ
Valid till: 2026-01-31
SOV（越南海光）
0.1
45
Days Transit
- $3,400 / 40'HQ
Valid till: 2026-02-14
Công ty T&T Global Agency
1.8
16
Days Transit
- $180 / 20'GP
- $520 / 40'GP
- $520 / 40'HQ
Valid till: 2026-01-31
CÔNG TY CỔ PHẦN THƯƠNG MẠI VÀ TIẾP VẬN ĐẠI DƯƠNG
0.6
3
Days Direct
- $0 /cbm
Valid till: 2026-01-31
WR1 MASTER CONSOL
Verified
2.1
8
Days Direct
- $0 /cbm
Valid till: 2026-02-01
CÔNG TY TNHH VẬN TẢI BIỂN MINH NGUYÊN
0.1
19
Days Direct
-
Refund
$75 /cbm
Valid till: 2026-01-31
CÔNG TY TNHH VẬN TẢI BIỂN MINH NGUYÊN
2.6
30
Days Direct
- $40 /cbm
Valid till: 2025-12-31
CÔNG TY TNHH THƯƠNG MẠI DỊCH VỤ 3N
0
30
Days Transit
- $50 /cbm
Valid till: 2025-12-31
KHAI MINH GROUPS CO., LTD – Ho Chi Minh Branch
2.6
Air freight
1
Days Direct
- 1.9 $/kg
Valid till: 2026-01-31
CÔNG TY TNHH EVERGLORY LOGISTICS VIỆT NAM
2.6
7
Days Transit
- 5.3 $/kg
Valid till: 2026-01-31
CÔNG TY CỔ PHẦN DỊCH VỤ VÀ HẠ TẦNG Ô TÔ THÀNH CÔNG
1.9
4
Days Direct
- 8.05 $/kg
Valid till: 2026-01-17
AN BÌNH EXPRESS
2.6
4
Days Transit
- 3.7 $/kg
Valid till: 2026-01-31
MAXTENA SHIPPING&FORWARDING AGENT CO., LTD
2.7
1
Days Direct
- 2.5 $/kg
Valid till: 2026-01-10
TTL Cargo Max
2.6
Rail freight
20
Days Direct
- $7,300 / 40'HQ
Valid till: 2026-01-31
CÔNG TY CỔ PHẦN VẬN TẢI VÀ THƯƠNG MẠI ĐƯỜNG SẮT
Verified
3.8
3
Days Direct
- $450 / 20'GP
- $600 / 40'GP
- $600 / 40'HQ
Valid till: 2025-09-30
SilverSea Co.,Ltd
2.5
26
Days Transit
- $6,710 / 40'GP
- $6,710 / 40'HQ
Valid till: 2024-12-31
WORLDLINK LOGISTICS VIET NAM COMPANY LIMITED
1.8
10
Days Direct
- $1,000 / 20'GP
- $1,000 / 40'GP
- $1,000 / 40'HQ
- $1,000 / 45'HQ
Valid till: 2024-12-31
VIPUTRANS
1.8
3
Days Direct
- $706.5 / 40'HQ
Valid till: 2024-10-31
CÔNG TY CP PROSHIP
1.8
Road freight
6
Hour
- $136.44 / 20'GP
- $155.39 / 40'GP
- $155.39 / 40'HQ
Valid till: 2026-01-31
CÔNG TY CỔ PHẦN THƯƠNG MẠI VÀ TIẾP VẬN ĐẠI DƯƠNG
0.6
1
Day
- $155.39 / 40'GP
Valid till: 2026-02-18
CÔNG TY TNHH THƯƠNG MẠI DỊCH VỤ 3N
0
9
Hour
- $570 / 20'RF
Valid till: 2025-11-30
Headway Joint Stock Compnay
3.5
2
Day
- $2,263.3 / 20'GP
- $3,017.73 / 40'GP
- $3,017.73 / 40'HQ
- $3,017.73 / 45'HQ
Valid till: 2026-10-31
CÔNG TY CỔ PHẦN MORNING LOGISTICS
2
1
Day
- $169.75 / 40'HQ
Valid till: 2025-09-30
CÔNG TY TNHH LOGISTICS FV
2.5
Request For Quotes
Help you send and receive quotes from Forwarders on the market quickly and efficiently.
See more
